New Headline: Denver's 'Waddle' Trade Sweeps NFL Salaries as Broncos Splurge '$150M
Here are the salary cap ramifications from the Denver Broncos trade with the Miami Dolphins to get wide receiver Jaylen Waddle.
Dec 21, 2025; Miami Gardens, Florida, USA; Miami Dolphins wide receiver Jaylen Waddle (17) reacts during the second quarter against the Cincinnati Bengals at Hard Rock Stadium. Mandatory Credit: Nathan Ray Seebeck-Imagn Images | Nathan Ray Seebeck-Imagn Images After such a quiet open to free agency that saw the Denver Broncos re-sign their 2025 players and add zero players from the outside, they hit us with a mega blockbuster trade with the Miami Dolphins to land wide receiver Jaylen Waddle. There are dull moments in Broncos Country, but that dull moments seem to just be the quiet before a storm.
Frankly, they needed this trade. Picking late in the first round was not going to net the type of impact player the offense desperately needed. And the best part?
The salary cap will barely move in 2026 from this trade. Let’s take a look at how it breaks down via Spotrac : Denver will receive just a $4. 9M cap hit for 2026 with the Dolphins eating the other $23.
2M. So for this season, they will get an impact receiver at a very reduced cap cost. Things will get interesting after this season, though, as the total cap will now rise to $337.